RBA set to raise rates to 15-year high
The Reserve Bank of Australia is widely expected to raise interest rates to 4.6%, marking a 15-year high and the highest level since 2011. Homeowners face this increase while carrying more than double the average debt compared to previous rate cycles. Government spending as a share of the economy has reached 26.9%, the highest level outside the pandemic in over four decades, while the government attributes inflation pressures to surging oil prices following Middle East conflicts.
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